At the SEC Speaks conference in Washington, D.C., recently, Securities and Exchange Commission chair Mary Schapiro told attendees to expect more enforcement cases in 2010, and more rule-making, too. The regulator will also continue its Enforcement Division makeover and what Compliance Week's Melissa Klein Aguilar calls an "overhaul" of the Office of Compliance Inspections and Examinations.
Enforcement cases in process cover everything from accounting fraud to insider trading and mortgage-related issues -- most arising out of the financial crisis, according to Compliance Week. Schapiro says simply, "The pipeline is full."
Schapiro also said the Commission's internal system for collecting and addressing tips and complaints is almost fully centralized and that "new guidelines and protocols" for that system are on the way. The changes began, of course, after critics faulted the SEC's internal processes for not "connecting the dots" to uncover Bernard Madoff's fraud more quickly. A post-Madoff technology upgrade is likely soon as well, which will reportedly help staff to "connect the dots that are not readily apparent."
Areas in which new rulemaking is expected include the marketing of target-date funds, proxy access, money market funds, and short-selling, just to name a few.